Document


New Contracts, Extensions and Other Updates Since Last Fleet Status Report
Contract Backlog •Valaris has been awarded the following new contracts and contract extensions, with associated contract backlog of approximately $1.0 billion, subsequent to issuing its previous fleet status report on February 18, 2025. Contract backlog excludes lump sum payments such as mobilization fees and capital reimbursements. •Contract backlog increased to approximately $4.2 billion from approximately $3.6 billion as of February 18, 2025. Floater Contract Awards •Two-year contract offshore West Africa for drillship VALARIS DS-10. The contract is expected to commence late in the second quarter or in the third quarter 2026. The total contract value for the firm term is $352 million. The total contract value does not include the provision of additional services. An additional rate will be charged when MPD services are provided. The contract includes two unpriced options, each with a duration of one year. •Six-month priced option exercised by ExxonMobil for drillship VALARIS DS-9. The six-month option will commence in January 2026 in direct continuation of the existing firm program. Jackup Contract Awards •Extensions of existing bareboat charter agreements ("BBC") through the end of April 2025, or completion of well in progress, for four jackups – VALARIS 116, 140, 146 and 250 – that are leased to ARO Drilling ("ARO") to undertake drilling contracts offshore Saudi Arabia. •Five-year BBC extensions for five jackups – VALARIS 116, 140, 141, 146 and 250 – that are leased to ARO to undertake drilling contracts offshore Saudi Arabia. The BBC extensions for VALARIS 116, 140, 146 and 250 are effective from May 2025, and for VALARIS 141 from August 2025, in direct continuation of their existing BBCs. ◦VALARIS 116 and 250 expected to be out of service at zero rate for approximately six months each from October 2025 to March 2026 to complete special periodic surveys and major equipment recertifications. These out-of-service periods are included within each rig’s five-year BBC duration. •545-day contract for jackup VALARIS 117 with an undisclosed operator offshore Trinidad. The contract is expected to commence in the third quarter 2026. The operating day rate is in line with recent market rates in the region. The contract includes a 185-day priced option. •730-day contract for VALARIS 248 in our North Sea operating region. The contract is expected to commence in November 2025. •180-day priced option exercised by Esso Australia Pty Ltd for jackup VALARIS 107. The priced option period is expected to commence in November 2025 in direct continuation of the current program. Other Fleet Status Updates •Semisubmersibles VALARIS DPS-3, DPS-5 and DPS-6 sold for recycling and retired from service in April 2025. Total sales proceeds were approximately $10 million.

Valaris Limited
Fleet Status Report
April 30, 2025


Contract Backlog(1) (2) ($ millions)	2025		2026		2027+		Total		Contracted Days(1) (2)	2025		2026		2027+
Drillships	$	648.5	$	835.3	$	630.9	$	2,114.7	Drillships	1,671		1,932		1,246
Semisubmersibles	56.2		—		—		56.2		Semisubmersibles	254		—		—
Floaters	$	704.7	$	835.3	$	630.9	$	2,170.9	Floaters	1,925		1,932		1,246

Harsh Environment	$	248.9	$	211.7	$	179.9	$	640.5	Harsh Environment	1,738		1,481		1,208
Benign Environment	204.7		213.4		190.9		609.0		Benign Environment	1,558		1,388		1,205
Legacy	40.8		72.0		47.6		160.4		Legacy	431		723		481
Jackups	$	494.4	$	497.1	$	418.4	$	1,409.9	Jackups	3,727		3,592		2,894

Other(3)	$	111.6	$	189.0	$	356.2	$	656.8	Other(3)	1,784		3,103		7,766

Total	$	1,310.7	$	1,521.4	$	1,405.5	$	4,237.6	Total	7,436		8,627		11,906

ARO Drilling(4)									Average Day Rates(1) (2)	2025		2026		2027+
Owned Rigs	$	243.0	$	204.6	$	606.8	$	1,054.4	Drillships	$	388,000	$	432,000	$	506,000
Leased Rigs	155.6		293.6		991.7		1,440.9		Semisubmersibles	221,000		—		—
Total	$	398.6	$	498.2	$	1,598.5	$	2,495.3	Floaters	$	366,000	$	432,000	$	506,000

									Harsh Environment	$	143,000	$	143,000	$	149,000
									Benign Environment	131,000		154,000		158,000
									Legacy	95,000		100,000		99,000
									Jackups	$	133,000	$	138,000	$	145,000

(1) Contract backlog, contracted days and average day rates as of April 30, 2025. (2) Contract backlog and average day rates exclude certain types of non-recurring revenues such as lump sum mobilization payments. Contract backlog and contracted days may include backlog and days when a rig is under suspension. Average day rates are adjusted to exclude suspension backlog and days. (3) Other represents contract backlog and contracted days related to bareboat charter agreements and management services contracts. (4) ARO Drilling contract backlog as of April 30, 2025. HD = Heavy Duty; SD = Standard Duty

Valaris Limited
Fleet Status Report
April 30, 2025


Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Drillships
VALARIS DS-18	GustoMSC P10000	2015	Chevron	U.S. Gulf	Aug 22	Aug 25		Additional rate charged when MPD services provided. Expect approx. 20 days out of service for planned maintenance in 3Q25
VALARIS DS-17	GustoMSC P10000	2014	Equinor Equinor Equinor	Brazil Brazil Brazil	Sep 23 May 25 Oct 25	Apr 25 Oct 25 Jan 28	$447,000 $497,000	Contract includes MPD and additional services Expect approx. 25 days out of service for customer required upgrades in 4Q25 Estimated total contract value ("TCV") of $498 million, inclusive of MPD, additional services and fees for mobilization and minor rig upgrades. Based on estimated duration of 852 days comprised of a 180-day standby period followed by a 672-day drilling program
VALARIS DS-16	GustoMSC P10000	2014	Occidental	U.S. Gulf	Jun 24	Jun 26		Additional rate charged when MPD services provided. 1-year priced option
VALARIS DS-15	GustoMSC P10000	2014	TotalEnergies	Brazil	Dec 24	Aug 25	$400,000	Additional rate charged when MPD and additional services provided
VALARIS DS-12	DSME 12000	2013	BP	Egypt Spain	Jan 24	Mar 25		TCV of $136 million based on initial estimated duration of 320 days Rig is being warm stacked in Las Palmas, Spain
VALARIS DS-10	Samsung GF12000	2017	Undisclosed	Spain West Africa	Jul 26	Jun 28		Rig is warm stacked in Las Palmas, Spain TCV of $352 million based on duration of two years. TCV does not include the provision of additional services. Additional rate charged when MPD services provided
VALARIS DS-9	Samsung GF12000	2015	ExxonMobil	Cyprus / Angola	Jul 22	Jul 26		Contract includes MPD services. Rig expected to return to Angola in 3Q25
VALARIS DS-8	Samsung GF12000	2015	Petrobras	Brazil	Dec 23	Dec 26	$428,000	Plus mobilization fee of approx. $30 million. Contract includes additional services
VALARIS DS-7	Samsung 96K	2013	Undisclosed	West Africa	Jun 24	Oct 26		TCV estimated to be $364 million based on initial estimated duration of 850 days
VALARIS DS-4	Samsung 96K	2010	Petrobras	Brazil	Dec 24	Nov 27	$450,000	Plus mobilization fee of approx. $41 million. Contract includes MPD and additional services
Stacked
VALARIS DS-14	DSME 12000	2023		Spain
VALARIS DS-13	DSME 12000	2023		Spain
VALARIS DS-11	DSME 12000	2013		Spain

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report


Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Harsh Environment Jackups
VALARIS Norway	KFELS N Class	2011	Eni Ithaca Energy	UK UK	Jan 24 Apr 25	Mar 25 Feb 26		Period of substitution for VALARIS 72 TCV of approx. $39 million based on estimated duration of 292 days
VALARIS Stavanger	KFELS N Class	2011	TotalEnergies TotalEnergies	UK UK	May 24 Sep 25	Sep 25 Apr 27		TCV of approx. $52 million, including minor rig modifications, based on initial estimated duration of 360 days TCV of over $75 million based on 600-day priced extension. Two 200-day priced options
VALARIS 249	LT Super Gorilla	2001	Undisclosed Perenco Undisclosed BP Shell	Trinidad Trinidad Trinidad Trinidad Trinidad	Jul 24 Jan 25 Apr 25 Mar 26 Jul 26	Jan 25 Feb 25 Jan 26 Jun 26 Jul 27	$125,000 $163,000	TCV of $16.8 million based on duration of 100 days TCV of approx. $66 million based on estimated duration of 365 days. Three priced options with an estimated duration of 50 days each. Expect approx. 30 days out of service for planned maintenance in 2Q26
VALARIS 248	LT Super Gorilla	2000	Ithaca Energy Hibiscus Undisclosed	UK UK North Sea	Aug 20 Aug 25 Nov 25	Jun 25 Oct 25 Nov 27		Expect approx. 50 days out of service for planned maintenance across 2Q25 and 3Q25 TCV of $14.2 million based on estimated duration of 93 days
VALARIS 247	LT Super Gorilla	1998	Eni Jadestone	Australia Australia	Dec 24 Mar 25	Mar 25 Jun 25	$180,000
VALARIS 123	KFELS Super A	2019	Shell TAQA	UK Netherlands	Jul 24 Mar 25	Feb 25 Sep 25	$153,000	TCV of approx. $21 million based on initial estimated duration of 154 days
VALARIS 122	KFELS Super A	2014	Shell	UK	Sep 23	Sep 25		TCV of over $60 million based on initial estimated duration of 500 days
VALARIS 121	KFELS Super A	2014	Shell Shell	UK UK	Nov 23 Jan 25	Jan 25 Feb 26		TCV of over $25 million based on initial estimated duration of 210 days TCV of approx. $55 million based on estimated duration of 406 days. Expect approx. 30 days out of service for planned maintenance in 1Q26. Plus two 1-well priced options with an estimated duration of 120 days each
VALARIS 120	KFELS Super A	2013	Harbour Energy Harbour Energy	UK UK	Jul 23 Jul 25	Jul 25 Jul 28	$130,000 $166,000	Expect approx. 25 days out of service for planned maintenance in 4Q25
Stacked
VALARIS Viking	KFELS N Class	2010		UK
VALARIS 102	KFELS MOD V-A	2002		U.S. Gulf

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report


Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Benign Environment Jackups
VALARIS 144	LT Super 116-E	2010	Undisclosed Undisclosed	Angola Angola	Mar 25 May 25	May 25 Jul 27		TCV of approx. $8.5 million based on estimated duration of 45 days TCV estimated to be between $149 million and $156 million, including a mobilization fee from the U.S. Gulf.
VALARIS 118	LT 240-C	2012	BP BP	Trinidad Trinidad	Apr 24 Jun 25	Jun 25 Jun 28		TCV of approx. $51 million based on initial estimated duration of 365 days TCV of approx. $168 million based on duration of three years. Expect approx. 30 days out of service for planned maintenance in 3Q26
VALARIS 117	LT 240-C	2009	Eni Eni Undisclosed	Mexico Mexico Trinidad	Dec 21 Apr 25 Jul 26	Mar 25 Jan 26 Jan 28		TCV of approx. $36 million based on duration of 300 days. 150-day priced option. Expect approx. 20 days out of service for planned maintenance in 3Q26 185-day priced option
VALARIS 115	BM Pacific Class 400	2013	Shell	Brunei	Apr 23	Apr 27		TCV of approx. $159 million based on duration of four years
VALARIS 110	KFELS MOD V-B	2015	North Oil Company	Qatar	Oct 21	Oct 25		1-year priced option
VALARIS 107	KFELS MOD V-B	2006	ExxonMobil ExxonMobil	Australia Australia	Nov 24 Nov 25	Nov 25 May 26	$153,000 $163,000	180-day priced option
VALARIS 106	KFELS MOD V-B	2005	BP BP	Indonesia Indonesia	Jan 24 Jun 25	Mar 25 Nov 25	$85,000 $95,000	Expect approx. 90 days out of service for planned maintenance across 1Q25 and 2Q25 Priced options for work into 1Q26
Stacked
VALARIS 148	LT Super 116-E	2013		UAE
VALARIS 147	LT Super 116-E	2013		UAE
VALARIS 145	LT Super 116-E	2010		U.S. Gulf
VALARIS 143	LT Super 116-E	2010		UAE
VALARIS 111	KFELS MOD V-B	2003		Croatia
VALARIS 109	KFELS MOD V-Super B	2008		Namibia
VALARIS 104	KFELS MOD V-B	2002		UAE

Changes: bolded rig names and underlined text signify changes in rig status from previous fleet status report


Asset Category / Rig	Design	Year Delivered	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
Legacy Jackups
VALARIS 92	LT 116-C	1982	Harbour Energy Shell	UK UK	Mar 24 Jun 25	Jun 25 Jun 27	$95,000	TCV of approx. $75 million based on duration of two years
VALARIS 72	Hitachi 300C	1981	Eni Eni	UK UK	Jan 20 May 25	May 25 Oct 27
Other - Jackups Leased to ARO Drilling(3)
VALARIS 250	LT Super Gorilla XL	2003	ARO Drilling	Saudi Arabia	Jun 18 May 25	Apr 25 Apr 30		Expect approx. 40 days out of service for planned maintenance in 2Q25 Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26
VALARIS 146	LT Super 116-E	2011	ARO Drilling	Saudi Arabia	Sep 18 May 25	Apr 25 Apr 30		Expect approx. 50 days out of service for planned maintenance across 2Q25 and 3Q25
VALARIS 141	LT Super 116-E	2016	ARO Drilling	Saudi Arabia	Aug 22 Aug 25	Aug 25 Aug 30
VALARIS 140	LT Super 116-E	2016	ARO Drilling	Saudi Arabia	Mar 22 May 25	Apr 25 Apr 30		Expect approx. 15 days out of service for planned maintenance in 2Q25
VALARIS 116	LT 240-C	2008	ARO Drilling	Saudi Arabia	Dec 18 May 25	Apr 25 Apr 30		Expect approx. 180 days out of service for planned maintenance across 4Q25 and 1Q26
VALARIS 108	KFELS MOD V-B	2007	ARO Drilling	Saudi Arabia	Mar 24	Mar 27
VALARIS 76	LT Super 116-C	2000	ARO Drilling	Saudi Arabia	Jan 26	Dec 30
Other - Managed Rigs
Thunder Horse	Deepwater Semisubmersible		BP	U.S. Gulf	Jan 24	Jan 27		TCV of approx. $153 million
Mad Dog	Deepwater Spar Drilling Rig		BP	U.S. Gulf	Jan 24	Jan 27		TCV of approx. $106 million


Asset Category / Rig	Design	Customer	Location	Contract Start Date	Contract End Date(1)	Day Rate(2)	Comments
ARO Drilling
Jackup Rigs Owned by ARO Drilling
Gilbert Rowe	LT 116-C	Saudi Aramco	Saudi Arabia	Oct 17	Jan 26		Expect approx. 15 days out of service for planned maintenance in 4Q25
SAR 201	BM 200-H	Saudi Aramco	Saudi Arabia	Feb 18	Feb 26
Bob Keller	LT Tarzan 225-C	Saudi Aramco	Saudi Arabia	Oct 17	Jan 26		Expect approx. 10 days out of service for planned maintenance in 3Q25 and approx. 100 days out of service for planned maintenance across 1Q26 and 2Q26
J.P. Bussell	LT Tarzan 225-C	Saudi Aramco	Saudi Arabia	Oct 17	Jan 26		Expect approx. 10 days out of service for planned maintenance in 1Q26
Scooter Yeargain	LT Tarzan 225-C	Saudi Aramco	Saudi Arabia	Oct 18	Dec 26		Expect approx. 100 days out of service for planned maintenance across 3Q25 and 4Q25
Hank Boswell	LT Tarzan 225-C	Saudi Aramco	Saudi Arabia	Oct 18	Dec 26
SAR 202	KFELS Super B	Saudi Aramco	Saudi Arabia	Oct 17	Jan 26		Expect approx. 10 days out of service for planned maintenance in 1Q26
Kingdom 1	LT 116-C	Saudi Aramco	Saudi Arabia	Nov 23	Nov 31		Expect approx. 10 days and 20 days out of service for planned maintenance in 2Q25 and 3Q26, respectively
Kingdom 2	LT 116-C	Saudi Aramco	Saudi Arabia	Aug 24	Aug 32

Forward-Looking Statements. Statements contained in this Fleet Status Report that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "likely," "outlook," "plan," "project," "could," "may," "might," "should," "will" and similar words and specifically include statements regarding expected financial performance; expected utilization, day rates, revenues, operating expenses, cash flows, contract status, terms and duration, contract backlog, capital expenditures, insurance, financing and funding; the offshore drilling market, including supply and demand, customer drilling programs and the attainment of requisite permits for such programs, stacking of rigs, effects of new rigs on the market and effect of the volatility of commodity prices; expected work commitments, awards, contracts and letters of intent; scheduled delivery dates for rigs; performance and expected benefits of our joint ventures, including our joint venture with Saudi Aramco; timing of the delivery of the Saudi Aramco Rowan Offshore Drilling Company ("ARO") newbuild rigs and the timing of additional ARO newbuild orders; the availability, delivery, mobilization, contract commencement, availability, relocation or other movement of rigs and the timing thereof; rig reactivations; suitability of rigs for future contracts; divestitures of assets; general economic, market, business and industry conditions, including changing tariff policies, trade disputes, inflation and recessions, trends and outlook; general political conditions, including political tensions, conflicts and war; cybersecurity attacks and threats; uncertainty around the use and impacts of artificial intelligence applications; impacts and effects of public health crises, pandemics and epidemics; future operations; ability to renew expiring contracts or obtain new contracts; increasing regulatory complexity; targets, progress, plans and goals related to sustainability matters; the outcome of tax disputes; assessments and settlements; and expense management. The forward-looking statements contained in this Fleet Status Report are subject to numerous risks, uncertainties and assumptions that may cause actual results to vary materially from those indicated, including cancellation, suspension, renegotiation or termination of drilling contracts and programs; our ability to obtain financing, service our debt, fund capital expenditures and pursue other business opportunities; adequacy of sources of liquidity for us and our customers; future share repurchases; actions by regulatory authorities, or other third parties; actions by our security holders; internal control risk; commodity price fluctuations and volatility, customer demand, loss of a significant customer or customer contract, downtime and other risks associated with offshore rig operations; adverse weather, including hurricanes; changes in worldwide rig supply; and demand, competition and technology; supply chain and logistics challenges; consumer preferences for alternative fuels and forecasts or expectations regarding the global energy transition; increased scrutiny of our sustainability targets, initiatives and reporting and our ability to achieve such targets or initiatives; changes in customer strategy; future levels of offshore drilling activity; governmental action, civil unrest and political and economic uncertainties, including recessions, volatility affecting financial markets and the banking system, changing tariff policies, trade disputes, and adverse changes in the level of international trade activity; terrorism, piracy and military action; risks inherent to shipyard upgrade, repair, maintenance, enhancement or rig reactivation; our ability to enter into, and the terms of, future drilling contracts; suitability of rigs for future contracts; the cancellation of letters of intent or letters of award or any failure to execute definitive contracts following announcements of letters of intent, letters of award or other expected work commitments; the outcome of litigation, legal proceedings, investigations or other claims or contract disputes; governmental regulatory, legislative and permitting requirements affecting drilling operations; our ability to attract and retain skilled personnel on commercially reasonable terms; the use of artificial intelligence by us, third-party service providers or our competitors; environmental or other liabilities, risks or losses; compliance with our debt agreements and debt restrictions that may limit our liquidity and flexibility, including in any return of capital plans; cybersecurity risks and threats; and changes in foreign currency exchange rates. In addition to the numerous factors described above, you should also carefully read and consider "Item 1A. Risk Factors" in Part I and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II of our most recent annual report on Form 10-K, which is available on the Securities and Exchange Commission's website at www.sec.gov or on the Investor Relations section of our website at www.valaris.com. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to update or revise any forward-looking statements, except as required by law.


Out of Service Days (1)
Rig	Segment / Asset Category	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
VALARIS DS-18	Floater - Drillship		20
VALARIS DS-17	Floater - Drillship			25
VALARIS 249	Jackup - Harsh Environment					30
VALARIS 248	Jackup - Harsh Environment	20	30
VALARIS 121	Jackup - Harsh Environment				30
VALARIS 120	Jackup - Harsh Environment			25
VALARIS 118	Jackup - Benign Environment						30
VALARIS 117	Jackup - Benign Environment						20
VALARIS 106	Jackup - Benign Environment	70
VALARIS 250	Other - Jackups Leased to ARO Drilling	40		90	90
VALARIS 146	Other - Jackups Leased to ARO Drilling	30	20
VALARIS 140	Other - Jackups Leased to ARO Drilling	15
VALARIS 116	Other - Jackups Leased to ARO Drilling			90	90